The unemployment rate falls to 5.2% in Canada

unemployment rate falls to 5.2% in Canada
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The unemployment rate falls to 5.2% in Canada

The unemployment rate of Canada has lowered to 5.2% which has set a new record. 

Statistics Canada states that the unemployment rate in Canada was 5.3% in March which fell to 5.2% in the month of April.  

The rate of unemployment among immigrants from the age group of 25 to 54 years accounts for 4.3%. This is also the lowest rate of unemployment ever since 1976.  

The rate of unemployment among immigrant workers has also lowered to 5.5% in April which was 5.8% in the month of March.  

The drop in the rate of unemployment was majorly in immigrants belonging to 3 immigration groups.

The rate of unemployment dropped down to 7.8% among permanent residents within a time period of 5 years. The rate of unemployment was 8.3% in the month of April.  

The rate of unemployment among Immigrants who have received Canadian permanent residency in the last 5 to 10 years dropped down to 5.8% which was 6.3% in the month of March.  

The rate of unemployment among immigrants who have received Canadian permanent residency within the last decade dropped down to 4.6% in the last month which was previously 4.8% in the month of March.  

Although the country accounts for the highest number of active job openings in its history. The country has opened more than eight lakh active job vacancies. 

This has also caused offering relaxation of the category of Temporary Foreign Worker Program by the Canadian provinces.  

For example- the province of Alberta proclaimed removing the category of “refusal to process” list. Lifting off this category will ensure that employers can hire workers for occupations with a surplus workforce.  

Two months back, the federal government of Canada also relaxed the rules and regulations for the applicants of the TFWP category.  

This step was taken by the government as the country witnessed the highest active job openings with the lowest rate of unemployment. 

The Government of Canada targets to invite a greater number of foreign nationals to match its labor requirement.  

The Canadian Government is targeting to invite more than four lakh immigrants to its soil each year. And the majority of selected immigrants would be from the category of Economic class  

The major source of the Canadian government to welcome immigrants is the Express Entry system.  

The Canadian Government was not releasing applications for its 2 main Express Entry programs but the pause has been lifted by the IRCC and it will soon begin to conduct its usual application work from the early days of July.  

The Canadian Government intends to follow a 6-month processing time for Express Entry application submissions from July.   

All the reformations will rebuild the Express Entry system as the predominant immigration program in Canada.  

It will contribute to one-fourth of the total Immigrants entering the country by 2024.  

More than one lakh Immigrants will be welcomed in Canada based on the labor market requirements. 

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